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1、CodesofFinanceLepinay_master.indb16/8/113:51PMLepinay_master.indb26/8/113:51PMVincentAntoninLépinAyCodesofFinanceengineeringDerivativesinaGlobalBankprincetonUniversitypressprincetonandoxfordLepinay_master.indb36/8/113:51PMCopyright?2011byPrincetonUni
2、versityPressPublishedbyPrincetonUniversityPress,41WilliamStreet,Princeton,NewJersey08540IntheUnitedKingdom:PrincetonUniversityPress,6OxfordStreet,Woodstock,OxfordshireOX201TWpress.princeton.eduAllRightsReservedLibraryofCongressCataloging-in-Publicati
3、onDataLépinay,VincentAntonin.Codesoffinance:engineeringderivativesinaglobalbank/VincentAntoninLepinay.p.cm.Includesbibliographicalreferencesandindex.ISBN978-0-691-15150-2(cloth:alk.paper)1.Financialengineering—Casestudies.2.Derivativesecurities—Cases
4、tudies.3.Bankmanagement—Casestudies.4.Selling—Banksandbanking—Casestudies.I.Title.HG176.7L472011332.64'57—dc232011020249BritishLibraryCataloging-in-PublicationDataisavailableThisbookhasbeencomposedinMinionProwithMyriadProdisplayPrintedonacid-freepape
5、r∞PrintedintheUnitedStatesofAmerica10987654321Lepinay_master.indb46/8/113:51PMcontentsAcknowledgmentsviiPrefaceFinancialInnovationfromwithintheBankixPrologueADayinaTrader’sLife1IntroductionQuestioningFinance6PartIFromModelstoBooks23Chapter1ThinkingFi
6、nanciallyandExploringtheCode29Chapter2HedgingandSpeculatingwithPortfolios55PartIITopographyofaSecretExperiment87Chapter3TheTradingRoomasaMarket91Chapter4TheMemoryofBanking119PartIIIPorousBanking:ClientsandInvestorsinSearchofAccounts153Chapter5Selling
7、FinanceandthePromiseofContingency157Chapter6TheCostsofPrice182Chapter7ReverseFinance204ConclusionWhatGoodAreDerivatives?222AppendixACapitalGuaranteeProduct:TheFullProspectus233Notes235Bibliography265Index277Lepinay_master.indb56/8/113:51PMLepinay_mas
8、ter.indb66/8/113:51PMAcknowLeDGmentsMichelCallonandBrunoLatourgenerouslyreadversionsofthisbook.Itsfelicitousmomentsowethemmuch:indifferentstyles,theyhavealwaysbeenpresent,extendingtheirsupervisiontoaprotectiveattentionthatnurturedauniqueenvironmentan